四大证券报精华摘要：1月5日

Group 1 - The core viewpoint of the news is that a series of key reforms in China's capital market are set to accelerate in 2026, focusing on enhancing new productive forces and improving investor protection [1][2][4] - The revised regulations on public fund sales, effective from January 1, 2026, aim to reduce investor costs significantly, with an expected annual savings of approximately 30 billion yuan [2] - The film industry in China is showing signs of recovery, with a total box office of 7.36 billion yuan during the New Year's holiday, indicating a diverse range of new film releases and a positive outlook for 2026 [3] Group 2 - The A-share market is expected to continue its upward trend in 2026, supported by positive market sentiment and improvements in corporate earnings, with the Shanghai Composite Index rising 18.41% in 2025 [5][10] - The commercial real estate REITs pilot program has been launched, emphasizing quality and stability in its initial phase, with a structured policy framework in place [6][7] - The automotive industry is experiencing a competitive landscape, with BYD surpassing Tesla in electric vehicle sales, while traditional automakers are accelerating their transition to new energy vehicles [11]